This is one of those that everyone forgets to trade. Now normally, when we are starting to get into the colder season, then coffee consumption increases (logical), especially with places like Europe, Russia, North America, Brazil and Australia (and others, of course). So demand starts to appear.
Now looking at this chart, we can see that we are at this level, where either it will bounce off from those key levels of around 120.74 or 117.59 and move higher by changing the overall trend, or it will give us a good sell-off to test that bottom downward and then reverse from there.
Now I must say that the bottom is quite a significant drop , but hey, in this market, everything is possible.
If those above levels will hold, then looking for a LONG position. But if we'll start seeing Daily, or even better, Weekly closes below that, then I would hold on Buying.
Be careful and keep an eye on the price action!